Vancouver: The Philippines and Canada on Friday (Canada time) signed a business deal aimed at attracting investments and driving economic development. President Ferdinand R. Marcos Jr. witnessed the signing of a memorandum of understanding between the Philippine Chamber of Commerce and Industry and the Business Council of Canada at Fairmont Pacific Rim Hotel here. The agreement was signed as the two countries elevated their bilateral relations to a strategic partnership.
According to Philippines News Agency, Marcos expressed satisfaction with the signing of the Memorandum of Understanding (MOU) and highlighted its significance on social media. "As our Strategic Partnership grows, so too will the relationships that connect our entrepreneurs, innovators and industries," he stated in a Facebook post. A separate statement from the Presidential Communications Office emphasized that the collaboration is expected to foster mutual growth by leveraging the complementary strengths of the two countries' industries and enhancing cooperation between their private sectors.
During a roundtable discussion on mining, critical minerals, and energy, Marcos expressed the Philippines' readiness to welcome investments and forge partnerships that promote long-term, sustainable growth. He noted, "As we continue to strengthen our economic ties, we look forward to working with Canadian partners in transforming opportunity into tangible investments, innovation, and shared progress." Marcos also detailed the Philippines' aims to become an active contributor to priority sectors by building secure supply chains, strengthening industrial competitive industries, and developing future-ready economies.
Marcos further mentioned that his administration is prioritizing high-potential sectors, particularly mining, including nickel extraction and the export of raw ore, which present a significant opportunity to move up the value chain. He expressed hope that the proposed Philippine-Canada Free Trade Agreement would be finalized within the year, marking a historic milestone as Manila seals its first-ever bilateral trade pact with a North American partner. The landmark agreement is expected to boost bilateral trade, encourage strategic investments, and strengthen economic cooperation by providing a stable and predictable framework to expand digital partnerships.
Additionally, Marcos highlighted the Philippines' information technology and business process management (IT-BPM) sector, which he described as a key driver of innovation, productivity, and global value creation. "Customer experience, analytics, cybersecurity, financial service support, healthcare information management, and digital operations are now central to how global enterprises compete and grow," he explained. Marcos noted the strong presence of Canadian firms in the Philippine IT-BPM landscape, supporting various sectors such as customer experience, insurance and financial services, enterprise software, software as a service, consulting, and next-generation digital operations.
Among the participating companies at the roundtable discussion were Blackberry, CGI, Everise, ManuLife, OpenText, NQX, Sun Life, Telus Corp., and InTouchCX.
